Regulatory Alerts2009-03-26 | TED-FEM-FPC-GEN-01-043-09Use of RDAS Funds For Investment In Securities Denominated In Foreign Currencies and Establishment of Offshore Subsidiaries/Branches
The Central Bank of Nigeria has announced that, effective immediately, Authorised Dealers and the public are prohibited from investing RDAS funds in foreign currency securities or establishing offshore subsidiaries/branches using these funds. Funds must be sourced from other sources for such transactions. Compliance is required.
Tel: 09 46237811 Fax: 09 46237809 Central Bank of Nigeria Central Business District P.M.B. 0187 Garki, Abuja E-mail address: ted@cenbank.org Our Ref: TED/FE Our Ref: TED/FEM//FPC/GEN/01/044 March24,2009
TO: ALL AUTHORISED DEALERS AND GENERAL PUBLIC USE OF RDAS FUNDS FOR INVESTMENT IN SECURITIES DENOMINATED IN FOREIGN CURRENCIES AND ESTABLISHMENT OF OFFSHORE SUBSIDIARIES/BRANCHES In furtherance of the ongoing reforms of the foreign exchange market, Authorised Dealers and the General Public are hereby notified that, with effect from the date of this circular, RDAS funds shall not be eligible for investment in securities denominated in foreign currencies abroad and setting up of offshore subsidiaries/branches of Nigerian companies. For the avoidance of doubt, only funds from other sources shall be used to finance these transactions.
Please ensure compliance accordingly.
Batari Musa AG. DIRECTOR TRADE & EXCHANGE DEPARTMENT